The deal follows a £900 million longevity swap in 2014, also with Phoenix Life. The trustee of the pension fund, whose sponsoring employer Phoenix Group owns Phoenix Life, has now transferred the longevity swap for the buy-in, completing the transaction in December last year.

"Bringing so many elements of the scheme together in this way was a particularly rewarding experience. Reaching this point was only possible due to the hard work and belief from the trustee and employer, combined with strong stewardship of the scheme," Dominic Grimley, risk settlement adviser at Aon Hewitt, said in a news release.